Cinven Buys CeramTec From Rockwood

London-based private equity firm Cinven has agreed to acquire Germany’s CeramTec, a producer of industrial ceramics, from the specialty chemical firm Rockwood Holdings for $1.98 billion. Rockwood expects to close the deal by October. CeramTec generated sales last year of $560 million. It has 3,000 staffers and 18 facilities producing ceramics principally for medical, industrial, electronic, and automotive applications. The divestment “will bring Rockwood one significant step closer to our strategic objective and commitment to become a more focused specialty chemical company,” says CEO Seifi Ghasemi.